So far, no changes in income tax slabs were announced both in the old tax regime and the new income tax regime by Hon’ble Finance Minister Nirmala Sitharaman. Income Tax Slab Interim Budget 2024 - 2025 Highlights: 1st Feb 2024
As an individual taxpayer, will have to wait till July when the full year budget may be announced after the Lok Sabha polls 2024.
The Income Tax Slabs 2024-2025 Post Interim Budget 2024 are as follows:
INCOME TAX SLABS 2024-2025 FOR OLD/REGULAR TAX REGIME INCOME RANGE (IN INR):-
The Resident individual taxpayers whose total income does not exceed INR 500,000, will continue to be eligible for a tax rebate of Rs 12,500 or actual tax payable, whichever is lower.
These income tax slabs and income tax rates are applicable for individuals (residents below 60 years of age, NR and NOR) for the financial year 2024-25.
Also, the basic exemption limit for resident individuals who are senior citizens that are above the age of 60, is Rs 3 lakh and for super senior citizens of age 80 years and above this basic exemption limit is Rs 5 lakh.
INCOME TAX SLAB 2024-2025 FOR NEW TAX REGIME INCOME RANGE (IN INR):-
The eligibility limit for rebate will remain Rs 7,00,000 i.e., the tax rebate of up to Rs 25,000 will be available to taxpayers under the new income tax regime.
The marginal relief will also continue to be available to resident individuals whose net taxable income exceeds Rs 7,00,000 and the incremental income tax liability is higher than incremental income above Rs 7,00,000.
In addition to the taxes computed as per the slabs mentioned above, a surcharge will be levied on the income-tax of the individuals if their total income exceeds Rs 5,000,000.
INCOME (IN INR) SURCHARGE RATES UNDER REGULAR/OLD TAX REGIME AND UNDER NEW TAX REGIME WILL BE AS FOLLOWS:-
Further, a Health and Education Cess are levied at the rate of 4%, for all individuals on the income-tax and surcharge (if applicable) computed as per the rates above.
There will be no tax liability on 7.5 lakhs considering the eligibility limit for rebate till Rs. 7 lakh and the standard deduction of Rs. 50,000 if opting NEW TAX REGIME.
However, this may change when the new government will present the full year Budget 2024 after the Lok Sabha polls 2024.
Thanks and Regards,
Team Tech-Guide-Tax
REF-A1010-24-NEWS-010-ITAX-002-AP
